eprivateclient took a brief look at what’s been going on in Asia and the Pacific

Hong Kong is set to end its tax relief for foreign withholding taxes. Taxpayers in Hong Kong can no longer claim a tax deduction for foreign withholding taxes assessed on gross overseas income including royalties, licensing fees, service fees and management fees.

The new rule, announced by the Internal Revenue Department in a revised practice note, is effective for taxable years ending on or after 1 April 2018, although taxpayers can still claim tax credits if a tax treaty is in place.

Citigroup Inc has...